The iPhone platform will witness the latest version 4 of its operating system.

Apple is all tucked up to reveal the iconic OS at a press event on Thursday, as the rumours are to be believed.

The much awaited function for Apple, "multitasking" is supposed to be rolled out in this version. This means, the patrons of iPhone can perform multiple applications at the same time which will offer additional capabilities to the gadget.

Rumours also suggest that a location based application called as iAd will be added.

However, the launch of the present version gives a platform to all the developers to provide more free apps, that works close in sync with the advertising supported business models. With the release of the present version on the cards it is believed that the new OS could precede the launch of a new model of the iPhone.